Eurozone inflation surged past expectations to a CPI of 2.4%, year-over-year, in January. While this isn’t too far beyond the ECB’s target rate of 2.0%, it’s certain to give ECB President Jean-Claude Trichet further inclination to continue his hawkish talk on the matter.

The eurozone’s core probably isn’t too concerned about this number with its growth still healthy. But fringe states like Ireland, Spain, Portugal, and Greece are certain to be more alarmed.